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南玻集团（CSGS）与MDU RESOURCES GROUP INC（MDU）财务数据对比。点击上方公司名可切换其他公司
MDU RESOURCES GROUP INC的季度营收约是南玻集团的1.6倍（$522.6M vs $323.1M），MDU RESOURCES GROUP INC净利率更高（14.6% vs 2.2%，领先12.4%），南玻集团同比增速更快（2.0% vs -1.6%），南玻集团自由现金流更多（$55.8M vs $-336.0M），过去两年南玻集团的营收复合增速更高（4.6% vs -5.7%）
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
CSGS vs MDU — 直观对比
营收规模更大
MDU
是对方的1.6倍
$323.1M
营收增速更快
CSGS
高出3.6%
-1.6%
净利率更高
MDU
高出12.4%
2.2%
自由现金流更多
CSGS
多$391.8M
$-336.0M
两年增速更快
CSGS
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $522.6M |
| 净利润 | $7.0M | $76.3M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 20.5% |
| 净利率 | 2.2% | 14.6% |
| 营收同比 | 2.0% | -1.6% |
| 净利润同比 | -79.7% | 38.4% |
| 每股收益（稀释后） | $0.24 | $0.37 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CSGSMDU
| Q4 25 | $323.1M | $522.6M | ||
| Q3 25 | $303.6M | $313.6M | ||
| Q2 25 | $297.1M | $348.7M | ||
| Q1 25 | $299.5M | $678.0M | ||
| Q4 24 | $316.7M | $531.0M | ||
| Q3 24 | $295.1M | $290.7M | ||
| Q2 24 | $290.3M | $343.1M | ||
| Q1 24 | $295.1M | $588.2M |
净利润CSGSMDU
| Q4 25 | $7.0M | $76.3M | ||
| Q3 25 | $20.5M | $18.3M | ||
| Q2 25 | $12.3M | $13.8M | ||
| Q1 25 | $16.1M | $82.0M | ||
| Q4 24 | $34.5M | $55.2M | ||
| Q3 24 | $19.1M | $64.6M | ||
| Q2 24 | $13.8M | $60.4M | ||
| Q1 24 | $19.5M | $100.9M |
毛利率CSGSMDU
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSMDU
| Q4 25 | 9.0% | 20.5% | ||
| Q3 25 | 10.0% | 12.7% | ||
| Q2 25 | 10.0% | 8.7% | ||
| Q1 25 | 9.8% | 16.6% | ||
| Q4 24 | 13.4% | 17.8% | ||
| Q3 24 | 10.8% | 12.0% | ||
| Q2 24 | 8.8% | 11.5% | ||
| Q1 24 | 10.8% | 16.4% |
净利率CSGSMDU
| Q4 25 | 2.2% | 14.6% | ||
| Q3 25 | 6.7% | 5.8% | ||
| Q2 25 | 4.1% | 4.0% | ||
| Q1 25 | 5.4% | 12.1% | ||
| Q4 24 | 10.9% | 10.4% | ||
| Q3 24 | 6.5% | 22.2% | ||
| Q2 24 | 4.8% | 17.6% | ||
| Q1 24 | 6.6% | 17.2% |
每股收益（稀释后）CSGSMDU
| Q4 25 | $0.24 | $0.37 | ||
| Q3 25 | $0.73 | $0.09 | ||
| Q2 25 | $0.44 | $0.07 | ||
| Q1 25 | $0.57 | $0.40 | ||
| Q4 24 | $1.20 | $0.26 | ||
| Q3 24 | $0.67 | $0.32 | ||
| Q2 24 | $0.48 | $0.30 | ||
| Q1 24 | $0.68 | $0.49 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $180.0M | $28.2M |
| 总债务越低越好 | $539.5M | $2.7B |
| 股东权益账面价值 | $283.7M | $2.8B |
| 总资产 | $1.5B | $7.6B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.97× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMDU
| Q4 25 | $180.0M | $28.2M | ||
| Q3 25 | $158.4M | $75.9M | ||
| Q2 25 | $145.9M | $58.8M | ||
| Q1 25 | $136.0M | $59.5M | ||
| Q4 24 | $161.8M | $66.9M | ||
| Q3 24 | $118.4M | $88.3M | ||
| Q2 24 | $110.4M | $78.8M | ||
| Q1 24 | $120.8M | $72.7M |
总债务CSGSMDU
| Q4 25 | $539.5M | $2.7B | ||
| Q3 25 | $538.6M | $2.4B | ||
| Q2 25 | $537.8M | $2.2B | ||
| Q1 25 | $537.6M | $2.2B | ||
| Q4 24 | $538.5M | $2.3B | ||
| Q3 24 | $539.5M | $2.3B | ||
| Q2 24 | $540.5M | $2.3B | ||
| Q1 24 | $541.5M | $2.3B |
股东权益CSGSMDU
| Q4 25 | $283.7M | $2.8B | ||
| Q3 25 | $289.5M | $2.7B | ||
| Q2 25 | $290.7M | $2.7B | ||
| Q1 25 | $283.1M | $2.7B | ||
| Q4 24 | $282.6M | $2.7B | ||
| Q3 24 | $288.4M | $3.1B | ||
| Q2 24 | $273.3M | $3.0B | ||
| Q1 24 | $269.3M | $3.0B |
总资产CSGSMDU
| Q4 25 | $1.5B | $7.6B | ||
| Q3 25 | $1.5B | $7.2B | ||
| Q2 25 | $1.4B | $6.9B | ||
| Q1 25 | $1.4B | $7.0B | ||
| Q4 24 | $1.5B | $7.0B | ||
| Q3 24 | $1.4B | $8.2B | ||
| Q2 24 | $1.4B | $8.0B | ||
| Q1 24 | $1.3B | $7.8B |
负债/权益比CSGSMDU
| Q4 25 | 1.90× | 0.97× | ||
| Q3 25 | 1.86× | 0.86× | ||
| Q2 25 | 1.85× | 0.80× | ||
| Q1 25 | 1.90× | 0.80× | ||
| Q4 24 | 1.91× | 0.85× | ||
| Q3 24 | 1.87× | 0.76× | ||
| Q2 24 | 1.98× | 0.75× | ||
| Q1 24 | 2.01× | 0.76× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $59.2M | $80.6M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-336.0M |
| 自由现金流率自由现金流/营收 | 17.3% | -64.3% |
| 资本支出强度资本支出/营收 | 1.1% | 79.7% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $-297.0M |
8季度趋势，按日历期对齐
经营现金流CSGSMDU
| Q4 25 | $59.2M | $80.6M | ||
| Q3 25 | $47.9M | $57.9M | ||
| Q2 25 | $37.3M | $117.4M | ||
| Q1 25 | $11.5M | $217.5M | ||
| Q4 24 | $82.5M | $60.5M | ||
| Q3 24 | $39.5M | $140.2M | ||
| Q2 24 | $43.1M | $136.5M | ||
| Q1 24 | $-29.4M | $165.1M |
自由现金流CSGSMDU
| Q4 25 | $55.8M | $-336.0M | ||
| Q3 25 | $43.9M | $-121.9M | ||
| Q2 25 | $34.6M | $36.5M | ||
| Q1 25 | $7.1M | $124.4M | ||
| Q4 24 | $76.6M | $-95.8M | ||
| Q3 24 | $32.0M | $673.0K | ||
| Q2 24 | $38.8M | $26.5M | ||
| Q1 24 | $-34.1M | $48.1M |
自由现金流率CSGSMDU
| Q4 25 | 17.3% | -64.3% | ||
| Q3 25 | 14.5% | -38.9% | ||
| Q2 25 | 11.6% | 10.5% | ||
| Q1 25 | 2.4% | 18.4% | ||
| Q4 24 | 24.2% | -18.0% | ||
| Q3 24 | 10.8% | 0.2% | ||
| Q2 24 | 13.4% | 7.7% | ||
| Q1 24 | -11.6% | 8.2% |
资本支出强度CSGSMDU
| Q4 25 | 1.1% | 79.7% | ||
| Q3 25 | 1.3% | 57.3% | ||
| Q2 25 | 0.9% | 23.2% | ||
| Q1 25 | 1.5% | 13.7% | ||
| Q4 24 | 1.9% | 29.4% | ||
| Q3 24 | 2.5% | 48.0% | ||
| Q2 24 | 1.5% | 32.0% | ||
| Q1 24 | 1.6% | 19.9% |
现金转化率CSGSMDU
| Q4 25 | 8.46× | 1.06× | ||
| Q3 25 | 2.34× | 3.16× | ||
| Q2 25 | 3.04× | 8.52× | ||
| Q1 25 | 0.71× | 2.65× | ||
| Q4 24 | 2.39× | 1.10× | ||
| Q3 24 | 2.07× | 2.17× | ||
| Q2 24 | 3.12× | 2.26× | ||
| Q1 24 | -1.51× | 1.64× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
